Alison & James

Alison and James had used credit for a number of years and always managed to maintain repayments to creditors. James lost his job in November 2013 and during the period of unemployment they had no choice but to rely on credit cards to supplement their income.

Alison and James also had an investment property but they struggled with a problem tenant who failed to pay rent for many months. The couple had to use their available spare cash to pay two mortgages. Alison’s father lent them £5,000 to fund eviction proceedings. The couple were simply not in a position to make monthly payments to their creditors.

Alison and James were referred to TDA by a financial advisor. Bev Budsworth, MD of TDA had numerous conversations with Alison and James and suggested they put their investment property up for sale which was likely to generate, after costs and repayment of Alison’s father’s advance of £5,000, a sum of £20,000 which could be offered to Alison and James’s unsecured creditors who were owed a total of £79,124. It was hoped they would accept the deal which would give them around 18% of their debt back.